rising in support of enterprises (rise) programme … · 2021. 1. 21. · $2.5 mil rise fund...

WelcomeHow to get your $500 RISE support for capability and growth

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Rising in Support of Enterprises (RISE)Programme Briefing for SBF Members

21 January 2021

Note: Information presented is correct as of 21 Jan 2021 and may be subject to change

Agenda

1 What is the SBF RISE Programme?

2 Partners & Activities

3 How Does RISE Benefit You?

4 Eligibility Criteria

5 Application Process

6 Q&A

SBF will present key information on how eligible SBF members can tap

up to $500 in support underthe SBF Rising in Support of

Enterprises (RISE) Programmefor capability building andbusiness growth activities

Purpose of the SBF RISE Programme

Help businesses adapt, transform and emerge stronger from COVID-19 challenges in preparation for economic recovery

Make it more affordable for SBF members to participate in capability upgrading and business growth activities

Collaborate with Programme and Trade Association & Chamber (TAC) partners to offer a wider range of activities for selection

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At least 5,000 eligible SBF members can benefit from the RISE Programme

Elements of the RISE Programme

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$2.5 mil RISE fund leverages the SG Together Enhancing Enterprise Resilience (STEER) programme where Enterprise Singapore (ESG) matches $1 for every $2 contributed by SBF• SBF $1.67 mil + ESG $0.83 mil

One-time RISE support of up to $500 (excluding GST) per eligible company• SBF members with a paid-up capital not exceeding S$5 mil

Applicable for a wide range of qualifying activities by SBF, its programme partners and participating TAC partners• Eligible SBF members may submit up to 3 qualifying activities in one RISE application• Each activity may have more than one participant

RISE Programme runs from 1 Jul 2020 – 31 Dec 2021, or until funds are exhausted, whichever is earlier

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Our Partners & Activities

We work with programme partners and Trade Associations and Chambers (TACs) to offer SBF members a wider variety of activities to choose from.

OUR PARTNERS

TAC PartnersProgramme Partners

Business Resilience Advisory Programme

Other Programmes

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Business Development

▪ Orissa International’s Distribution Search Service (SBF) k

▪ Bizmann System’s portal for procurement of processed food supplies (SBF) k

▪ Virtual Business Matching Services by (SGC, FCCS) k

Examples of RISE Qualifying Activities

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Advisory Services

▪ Industry 4.0 Human Capital Initiative (IHCI) Enabler Programme m

▪ Business Resilience Advisory Programme km

Training Courses

▪ Next Generation Leadership Program (NextGen Upgrade) 2021 (AmCham) m

▪ Establishing Your Brand Via TikTok (SBI) m

▪ Employment Advisories and Practices during Covid-19 (SNEF) m

Industry-Specific Training

▪ Strategic Digital Marketing for the Retail Sector (SRA) m

▪ REDAS-RICS Asset Management Strategies Series - Key Principles (REDAS) m

▪ Business Modelling Towards Industry 4.0 (I4.0) (SMF) k

Internationalisation

▪ Overseas Market Workshop to Indonesia (SBF) k

▪ Business Mission to Korea (SBF) k

▪ Business Mission to Japan (SBF) k

k Business Growthm Capability Upgrading

Webinars

▪ Seminar on Business Outlook 2021 (SBF) k

▪ 2021 Growth & Talent Trends (SICC) m … and more. Check out the RISE Webpage for the latest list of activities

bit.ly/SBFRISEProgramme

How Does RISE Benefit You?

Example 1: Subsidise participation fees for RISE-supported training courses organised by TAC PartnersXYZ Pte Ltd is a facilities management company. It understands that the “new normal” will accelerate the adoption of digital technologies so it decides to increase the capabilities of its staff through REDAS’ RISE training courses, in line with the Real Estate Industry Transformation Roadmap.

XYZ Pte Ltd sends 2 staff to attend REDAS courses

• Facilities Mgmt Essentials: Digital Transformation @ $267.50/pax

• Corporate Real Estate Financing – Key Principles @ $267.50/pax

XYZ Pte Ltd submits RISE application & claims the

maximum $500 RISE support (excluding GST)

Total cost of participating in REDAS courses = $535 - $500 = $35 >90% savings vs the original training costs

XYZ Pte Ltd makes full payment of $535

(including GST) & both staff completes training

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How Does RISE Benefit You?

Example 2: Subsidise participation fees for RISE-supported programmes organised by SBFABC Pte Ltd is a traditional manufacturing SME. Operations were impacted due to COVID-19 but management sees this as an opportunity to get started on Industry 4.0 transformation by participating in SBF’s IHCI (Industry 4.0 Human Capital Initiative) Enabler Programme

Unsubsidised fees$67,677.50 incl GST

Nett fees after subsidy for SMEs and Early

Bird Discount$6,767.75 incl GST

(3rd Cohort)

ABC Pte Ltd makes full payment & completes

3-day digital bootcamp*

ABC Pte Ltd submits RISE application & claims for the maximum $500 RISE

support

Total cost of participating in IHCI = $6,767.75 - $500 = $6,267.757% additional savings through RISE

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https://ihci.sbf.org.sg/

* Initial phase of 8-week hands-on programme

Eligibility & Application

SBF is committed to supporting businesses in their efforts to rise above COVID-19 challenges.

Eligibility Criteria

To be eligible for RISE support,a company must satisfy the conditions below

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1 Be an SBF member

Have a paid-up capital not exceeding S$5 million

Paid up its subscription fees up till and including the current membership year

Have not received any previous support from the Programme

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InterimQuestions?

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Agenda

1 What is the SBF RISE Programme?

2 Partners & Activities

3 How Does RISE Benefit You?

4 Eligibility Criteria

5 Application Process

6 Q&A

To present key information on how eligible SBF members can tapup to $500 in support underthe SBF Rising in Support of

Enterprises (RISE) Programmefor capability building andbusiness growth activities

Where to Find Information on RISE (1/5)

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AmCham SMF

Examples of Activities by TAC Partners

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How to Complete Your RISE Application

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Supporting Documents

Before applying, eligible SBF members should preparethe following supporting documents

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1 Final invoice (including GST component, if applicable) for each activity to be submitted for reimbursement

Proof of payment for each activity

A signed Enterprise Singapore (ESG) Company Declaration Form

A signed Declaration of Attendance Form duly endorsed by the organiser of the activity, only if the activity was organised by a TAC other than SBF

Proof of claim from other Government funding for each activity (if applicable)

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ESG Company Declaration Form

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Declaration of Attendance FormUse only when the activity is organised by a TAC other than SBF

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Important Points to Note

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1 Eligible SBF members must have fully paid for, attended the qualifying activities and received reimbursement for any other applicable Government funding before applying for RISE support.

Only 1 application per company may be submitted to SBF under the RISE Programme.

A company may submit up to three (3) qualifying activities for RISE support in one application. Each activity may have more than one participant.

All claim amounts must exclude GST.

If the activity(ies) submitted is(are) partially supported under other Government programmes such as the Enterprise Development Grant or LEAD programme, the applicant must ensure that the amount being claimed under the RISE Programme has not already been supported under another Government programme and no subsequent claims will be made for that amount under any other Government schemes.

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Important Points to Note

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6 The applicant should ensure that the company’s bank account details provided in the application are accurate. SBF cannot check the accuracy of the account number as this information is not available to us.

The RISE e-Application Form, ESG Company Declaration Form and Declaration of Attendance Form (if applicable) should be signed by the company’s Chief Financial Officer, Financial Controller, Finance Manager or company representative in a similar role with visibility of the company’s financial operations.

SBF reserves the right to reject applications that are incomplete or where supporting documents are missing.

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Tip: Ensure that the contact person is someone who has visibility of the company’s financial operations so that your company is aware when RISE reimbursement is received.

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How to Complete Your RISE Application?

Tip: Ensure that your company’s bank account details provided in the application are accurate so that funds can be properly disbursed to your company’s account.

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Tip: Remember to upload all supporting documents for your application

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How to Find the Category of Activity

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SBI SICC

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Tip: Click on any steps in the process timeline to make amendments to the earlier submitted entries, as required.

Review Your RISE Application

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Confirmation of Your Submission

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Example of Acknowledgement Email

Frequently Asked Questions

Question 1:My company would like to submit 3 activities in our RISE application. How do I split up the $500 claim?

Answer:There are no hard and fast rules. There are various methods your company may consider.

Assume your company has 3 activities to be submitted. Each activity costs $200 (excluding GST) and had only 1 participant.

1 Even Split

Activity 1: $166.67Activity 2: $166.67Activity 3: $166.66

Total: $500/-

2 Proportionate Split

Activity 1: $200.00 (100%)Activity 2: $150.00 (75%)Activity 3: $150.00 (75%)

Total: $500/-

3 Partial Claim for Last Activity

Activity 1: $200.00 (100%)Activity 2: $200.00 (100%)Activity 3: $100.00 (50%)

Total: $500/-

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Question 2:The RISE activity qualifies for other Government funding/subsidy. How much can I then claim from RISE?

Answer:To prevent double incentivisation, RISE is applicable only on the portion of the supported costs of participation that are unsubsidised by any other Government funding/subsidy.

Assume you sent 3 staff for a course that costs $200 per pax (excluding GST) and carries a $50 Government subsidy for each participant who managed to complete the course.

Total course fees paid$200 x 3 staff

= $600

Company applies for RISEclaiming the following

$600 - $150 = $450

Staff completes training

Company receives government subsidy

$50 x 3 staff= $150

Company may consider adding more activity(ies) to maximise the $500 benefit

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